Dec 20, 2024 at 9:01 am GMT
Updates for closing
SHANGHAI (Reuters)-China stocks fell on Friday and registered a second week of losses as investors eyed more policy tonic from Beijing to shore up the economy.
** At the close, the Shanghai Composite index. SSEC weakened 0.06% to 3,368.07, while the blue-chip CSI 300 index.CSI300lost 0.45%. Both gauges saw a second week of decline.
** The Hang Seng index dropped 0.2% at close, bringing the loss this week to 1.3%.
** Energy shares.CSIENled the fall, after state refining giant Sinopec said China's oil consumption is set to peak by 2027.
** The consumer staples sector.CSI000912lost 0.99% and the healthcare sub-index.CSI300HClost 0.28%.
** China's policy-triggered bull run that started in late September has lost steam as economic fundamentals haveyet to turn the corneramid looming U.S. tariff risks.
**China left its benchmark lending ratesunchangedas expected at the monthly fixing on Friday. Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margins on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.
** The2025 budget deficitand mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March, Morgan Stanley said in a note.
** Still, the benchmark CSI 300 index has climbed 16% so far this year and is set to end a three-year losing streak.
** Trading also remains active, especially among smaller stocks. Outstanding margin trading - a barometer of leveraged bets - hovered near a nine-year high of 1.87 trillion yuan ($256.21 billion).
** Limiting losses, Chinese technology shares gained after The Informationreportedthat the U.S. Department of Commerce has recently asked Nvidia NVDA .Oto look into how the company's products ended up in China over the past year.
** The

STAR

Chip index.STARCHIPjumped 3.9%, while an index tracking China-listed semiconductor companies.CSI931865surged 3.3%. Tech giants traded in Hong Kong.HSTECHadded 0.1%.
($1 = 7.2988 Chinese yuan renminbi)
 Reporting by Shanghai Newsroom; Editing by Mrigank Dhaniwala 

Sumber : Reuters